Asset Management

  • February 22, 2024

    Crypto Co. DGC Blasts NY AG Settlement With Genesis Global

    The parent company of Genesis Global Holdco slammed a proposed settlement between the bankrupt lender and the New York attorney general on Wednesday, calling the agreement an attempt to "rig" the Chapter 11 plan confirmation to include larger payouts for certain creditors.

  • February 22, 2024

    Russian Bank President Charged With Sanctions Violations

    The head of a Russian-state-owned bank has been charged in New York federal court with evading economic sanctions by conspiring with others to maintain his two super-yachts and a luxury home in Aspen, Colorado, prosecutors said Thursday.

  • February 22, 2024

    SEC Won't Force BofA To Act On ESG Critic's Proxy Proposal

    A division of the U.S. Securities and Exchange Commission has said it wouldn't recommend enforcement action against Bank of America for excluding a climate-related shareholder request from its upcoming proxy statement, while the division rejected Pfizer's request to exclude a shareholder proposal on human rights from its proxy statement.

  • February 22, 2024

    Penny Stock Co. CEO Must Pay $473K Over Fraud Claims

    A Connecticut federal judge granted in part the U.S. Securities and Exchange Commission's motion for final judgment in a securities fraud suit against the CEO of a penny stock company, finding that a less severe punishment than requested is appropriate due to the CEO's financial situation.

  • February 22, 2024

    Lawmakers Press Big Banks On Muslim Discrimination Claims

    A group of five Democratic lawmakers on Thursday pressured the leaders of JPMorgan Chase, Bank of America, Wells Fargo and Citibank for information on how they work to prevent discrimination in banking, pointing to media reports of "de-risking" practices that target Muslim Americans.

  • February 22, 2024

    FTX Can Cash Out $500M Investment In AI Biz To Fund Ch. 11

    Insolvent cryptocurrency exchange FTX Trading Ltd. received a Delaware bankruptcy judge's approval Thursday to sell off its equity stake in an artificial intelligence technology company launched by former members of OpenAI that FTX purchased for $500 million in 2021.

  • February 22, 2024

    American Airlines Can't Ground 401(k) Suit Over ESG Funds

    A Texas federal judge has refused to toss a pilot's proposed class action accusing American Airlines of packing its $26 billion retirement plan with investments that focused too heavily on environmental, social and governance factors, like climate change, and too little on financial returns.

  • February 22, 2024

    IRS Agent, Gov't Attys Immune From RICO Suit, Judge Says

    An Arizona federal judge dismissed a $15 million lawsuit against an Internal Revenue Service agent and two assistant U.S. attorneys brought by an investment adviser convicted of filing false tax returns, saying Thursday the government employees were immune from claims that included racketeering and malicious prosecution.

  • February 22, 2024

    Asset Managers Plug Up To $450M In AITi Global

    Cadwalader Wickersham & Taft LLP-advised wealth and alternatives manager AlTi Global Inc. on Thursday revealed that asset managers Allianz X, advised by Sullivan & Cromwell LLP, and Constellation Wealth Capital, advised by Gibson Dunn & Crutcher LLP, have agreed to invest a combined up to $450 million in the company.

  • February 22, 2024

    B. Riley Stands By Franchise Group Deal After Internal Review

    B. Riley Financial reaffirmed its commitment to the $2.6 billion take-private deal for Franchise Group Inc. despite the misconduct of former Franchise Group CEO Brian Kahn, saying on Thursday that its audit committee determined through a nine-week internal review that B. Riley had no knowledge of or involvement in the misconduct.

  • February 22, 2024

    Locke Lord Settles Failed Health Plan Malpractice Suit

    Locke Lord LLP has reached a settlement to resolve a health plan fiduciary's malpractice suit alleging the firm provided bad legal advice that doomed the plan, permanently ending an Illinois federal suit first filed in 2018.

  • February 21, 2024

    Former Texas Atty Gets 50 Years For 'Ponzi-Type' Client Fraud

    A Texas federal judge sentenced a former San Antonio lawyer to 50 years in prison after he pled guilty to mishandling millions in client funds to support his "extravagant lifestyle," the U.S. Attorney's Office for the Western District of Texas said in a statement Wednesday.

  • February 21, 2024

    Judge Rejects $5.2M Atty Fee Bid In Poultry Farm Loan Suit

    A New York federal judge rebuffed attorneys' attempt to collect a nearly $5.2 million fee for representing an affiliate of two billionaire brothers that accused an investment adviser of fraudulently inducing the affiliate to provide a loan for a Russian poultry operation, saying the adviser wasn't improperly defending himself.

  • February 21, 2024

    JPMorgan Got $400M Before Inovalon Sale, Del. Justices Hear

    Inovalon didn't properly disclose that investors that bought the healthcare data company in 2021 paid $400 million in fees to its financial adviser, a JPMorgan unit, before the transaction, a reason enough to revive a lawsuit challenging the $7.3 billion acquisition, counsel for stockholders told Delaware's Supreme Court Wednesday.

  • February 21, 2024

    Simpson Thacher-Led CVC Clinches $6.8B Asia-Focused Fund

    Private equity giant CVC Capital Partners, led by Simpson Thacher & Bartlett LLP, on Wednesday announced it had closed its sixth Asia-focused fund after racking up $6.8 billion in commitments from investors.

  • February 21, 2024

    Bankman-Fried Gets New Attys After Waiving Crypto Conflict

    A Manhattan federal judge signed off Wednesday on Sam Bankman-Fried's choice of new counsel ahead of his fraud sentencing, despite the fact that the convicted FTX founder's new team represents an indicted ex-crypto CEO whose interests may conflict with his own.

  • February 21, 2024

    3rd Circ. Lets J&J Appeal Class Cert. In Talc Concealment Suit

    Johnson & Johnson can appeal a New Jersey federal court's class certification order from December, the Third Circuit ruled Wednesday, in an investor action alleging the company artificially inflated its stock price by failing to disclose cancer risks associated with its talcum powder products.

  • February 21, 2024

    Crown Castle Proxy Spat Pits Paul Weiss Against Cadwalader

    Crown Castle Inc.'s board has rejected four board nominees of one of its co-founders, Ted Miller, as a proxy fight pits the communications infrastructure company and its Paul Weiss counsel against Miller and Cadwalader Wickersham & Taft LLP.

  • February 21, 2024

    SPAC To Delist After Failing To Close Merger With Food Biz

    Blank-check company Bite Acquisition Corp. on Wednesday revealed that it received a letter from the New York Stock Exchange saying that it has determined to begin proceedings to delist the company's common stock because it failed to complete a business merger within the specified time frame.

  • February 20, 2024

    Bankrupt Co. Stole $100M In Special Needs Trusts, Suit Says

    The parents of a disabled child claim the founders and financial entities behind a now-bankrupt corporate trustee orchestrated a decadelong predatory scheme to misappropriate more than $100 million of special needs trust assets, according to a proposed class action filed Monday in Florida federal court.

  • February 20, 2024

    Epstein's Attorney, Accountant Accused Of Aiding Trafficking

    Two survivors of sexual predator Jeffrey Epstein claim his longtime lawyer and accountant played essential parts in the disgraced financier's sex trafficking enterprise by creating a complex financial infrastructure to keep the money flowing, according to a proposed class action filed in New York federal court.

  • February 20, 2024

    Wells Fargo Says SEC Has Closed Hiring Practices Probe

    Wells Fargo said Tuesday that the U.S. Securities and Exchange Commission has closed an investigation into the bank's hiring practices, following allegations that some bank managers conducted sham interviews to meet a diversity quota, while Barclays PLC has said it no longer faces an investigation into its anti-money laundering compliance.

  • February 20, 2024

    Justices Won't Hear JPMorgan Syndicated Loan Dispute

    The U.S. Supreme Court decided on Tuesdsay that it will not hear a dispute accusing JPMorgan Chase and other banks of failing to warn noteholders about the risks of lending money to a soon-to-be bankrupt company, keeping the case's dismissal intact after the Second Circuit ruled that the syndicated loan at the center of the case was not subject to securities laws.

  • February 20, 2024

    SocGen's $35M Yen-Libor Rigging Suit Deal Gets 1st OK

    A New York federal judge Tuesday granted preliminary approval of a $35 million settlement to resolve a yearslong dispute involving a class of Societe Generale investors who accused the French financial services provider of being involved in a conspiracy to rig the London interbank offered rate for the Japanese yen.

  • February 20, 2024

    Bank's Ex-Employees Must Face Trade Secrets Suit

    A Texas federal judge refused on Tuesday to toss the bulk of trade secret claims against a group of former employees of a company that eventually became Centennial Bank, but he did agree to trim some claims.

Expert Analysis

  • Del. Ruling Stands Out In Thorny Noncompete Landscape

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    In Cantor Fitzgerald v. Ainslie, the Delaware Supreme Court last month upheld the enforceability of forfeiture-for-competition provisions in limited partnership agreements, providing a noteworthy opinion amid a time of increasing disfavor toward noncompetes and following a string of Chancery Court rulings deeming them unreasonable, say Margaret Butler and Steven Goldberg at BakerHostetler.

  • SEC Regs Give Banks Chance To Step Up Cyber Safety Game

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    Just as the Sarbanes-Oxley Act forced financial institutions to undertake best practices in recordkeeping, the U.S. Securities and Exchange Commission’s recently effective cybersecurity regulations stand to similarly drive those same enterprises to seek out and implement best practices in cybersecurity, to everyone's benefit, says James Gerber at SimSpace.

  • A Post-Mortem Analysis Of Stroock's Demise

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    After the dissolution of 147-year-old firm Stroock late last year shook up the legal world, a post-mortem analysis of the data reveals a long list of warning signs preceding the firm’s collapse — and provides some insight into how other firms might avoid the same disastrous fate, says Craig Savitzky at Leopard Solutions.

  • Opinion

    Exxon Court Should Clarify Shareholder Proposal Exclusion

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    ExxonMobil last month took the unusual action of asking a Texas federal judge whether a proposal from climate activists seeking to limit oil and gas sales could be excluded from its 2024 proxy statement, and the court should use this opportunity to reevaluate SEC policy and set clear limits on when shareholder proposals can be included, says Stephen Bainbridge at UCLA School of Law.

  • Understanding SEC's Focus Amid Lack Of Final AI Rules

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    Although the U.S. Securities and Exchange Commission's proposed rules to govern artificial intelligence are likely far from being finalized, understanding existing regulatory provisions that could address AI risks with respect to development, disclosure, compliance and data protection could help firms anticipate and avoid pitfalls, say attorneys at Skadden.

  • Preparing For DOJ's Data Analytics Push In FCPA Cases

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    After the U.S. Department of Justice’s recent announcement that it will leverage data analytics in Foreign Corrupt Practice Act investigations and prosecutions, companies will need to develop a compliance strategy that likewise implements data analytics to get ahead of enforcement risks, say attorneys at Cozen O'Connor.

  • How High Court SEC Case Could Affect The ITC

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    While the U.S. Supreme Court’s upcoming ruling in U.S. Securities and Exchange Commission v. Jarkesy will likely spare the U.S. International Trade Commission from major operative changes, the ITC’s ability to issue penalties for violations of its orders may change, say Gwendolyn Tawresey and Ryan Deck at Troutman Pepper.

  • CFPB Overdraft Rule Could Mean Big Shift In Banking Biz

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    The Consumer Financial Protection Bureau has proposed "to close a longstanding loophole" in the Truth in Lending Act by changing how it regulates overdraft fees, but underneath the headline-grabbing proposal is a foundational shift in how the bureau views overdraft services, say attorneys at Katten.

  • $32.4M Fine For Info Disclosure Is A Stark Warning For Banks

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    The New York State Department of Financial Services and the Federal Reserve's fining of a Chinese state-owned bank $32.4 million last month underscores the need for financial institutions to have policies and procedures in place to handle confidential supervisory information, say attorneys at Sidley.

  • Exxon ESG Proxy Statement Suit May Chill Investor Proposals

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    Exxon Mobil’s recent use of a Texas federal lawsuit to intimidate shareholders into withdrawing a climate-friendly proxy proposal could inspire more public companies to sue to avoid adopting ESG resolutions — a power move that would chill activist investor participation and unbalance shareholder-corporate relations, say Domenico Minerva and James Fee at Labaton Keller.

  • Series

    Coaching High School Wrestling Makes Me A Better Lawyer

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    Coaching my son’s high school wrestling team has been great fun, but it’s also demonstrated how a legal career can benefit from certain experiences, such as embracing the unknown, studying the rules and engaging with new people, says Richard Davis at Maynard Nexsen.

  • SG's Office Is Case Study To Help Close Legal Gender Gap

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    As women continue to be underrepresented in the upper echelons of the legal profession, law firms could learn from the example set by the Office of the Solicitor General, where culture and workplace policies have helped foster greater gender equality, say attorneys at Ocean Tomo.

  • A Closer Look At Novel Jury Instruction In Forex Rigging Case

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    After the recent commodities fraud conviction of a U.K.-based hedge fund executive in U.S. v. Phillips, post-trial briefing has focused on whether the New York federal court’s jury instruction incorrectly defined the requisite level of intent, which should inform defense counsel in future open market manipulation cases, say attorneys at Lankler Siffert.

  • The Corporate Disclosure Tug-Of-War's Free Speech Issues

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    The continuing conflict over corporate disclosure requirements — highlighted by a lawsuit against Missouri's anti-ESG rules — has important implications not just for investors and regulated entities but also for broader questions about the scope of the First Amendment, say Colin Pohlman, and Jane Luxton and Paul Kisslinger at Lewis Brisbois.

  • New CMS Rule Will Change Nursing Facility Disclosures

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    A new rule from the Centers for Medicare & Medicaid Services significantly expands disclosure requirements for nursing facilities backed by private equity companies or real estate investment trusts, likely foreshadowing increased oversight that could include more targeted audits, say Janice Davis and Christopher Ronne at Morgan Lewis.

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